Ulster Bank not passing on interest rate cut until November

[Mucker Man]

Hi, I received a letter today from Ulster Bank stating they are not passing the ECB interest rate cut of 0.5% until November 08. I think they have some cheek not passing this on for a month as it was annouced by the ECB on the 8th of October. I rang them and was told it was at the discretion of the bank to when they have to pass the rate cut on to customers.
I think this stinks, as the goverment is providing a guarantee to keep the bank in business, but they don't seem to see the need to play fair, or have they started collecting money already to pay the fees to be levied by the government for the guarantee?

Rant over.

 

[daithi]

I'm in the same boat..I'm just taking comfort in the fact that they're currently losing money on my tracker mortgage this is their way of minimizing such losses..I have heard that some banks are contacting ther customers with tracker mortgages to offer them what looks like a good deal on variable or fixed rate mortgages..I would advise anyone wh has been contacted in this regard not to change their mortgages, as rates will probably fall by a much as 1-1.5% over the next 12-18 months..
daithi

 

[Newbie!]

I posted a thread in Credit Crunch Issues yesterday abut IIB Bank passing ont he .5% drop. Apparently they're not doing so until December!